“To be Britain’s best loved insurer.”

That’s the mission for financial services company LV=. But love like that doesn’t just happen overnight.

LV= knows that to achieve this aim it must develop a closer relationship with its customers by listening to them, collating feedback and acting upon it. And it’s doing a good job of it – work with Reevoo began in 2012, and the company is now celebrating collecting its 50,000th product review.

The Reevoo Blog sat down with LV=’s senior digital engagement manager Nigel Saxon to chat about customer feedback, ethics in financial services and the power of being transparent.

Where did this customer focus originate?

Our mission is to become ‘Britain’s best loved insurer’ therefore it makes sense to develop a deep and trusted connection with our customers to support this objective. That’s the foundation of our customer focus, and why we place so much importance on the customer relationship.

So where did you start?

We engaged Reevoo to collect customer reviews for our Life and General Insurance divisions, providing ratings and reviews for a number of products including Car, Home, and 50 Plus insurance.

How was the response?

The commercial response was great – a 6.5x ROI on the Reevoo implementation – but what was really satisfying was seeing the change in how our customers saw us… and in a way, how we saw them and learned from them as well. There’s definitely a much closer alignment there now.

We made the conscious choice to be open, honest and transparent with the feedback. That’s why we chose a third party with a recognisable Trustmark like Reevoo. It’s nice to see that paying off, and customers engaging with it in such a major way.

How have you used the content?

Of course we show the unedited reviews on our website, but we also use the feedback we receive to improve our products and business practices.

We use the feedback to empower our staff by making the reviews a big deal internally as well.

reevoo-internal-poster

Congratulations on 50,000 customer reviews – what’s next?

Reaching 50,000 reviews across all our products is quite an achievement, and I think it puts us ahead of our competitors in the financial services sector. Certainly, it’s rare to see a company so open in finance – customers deserve openness, and they deserve an open dialogue.

We’ll be integrating the Reevoo content further into our DNA moving forward – there’s some exciting developments in the pipeline!

Want to read more? Download the LV= case study.

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The financial services company that listens to its customers